Flotek Industries Inc. (FTK) Rose Past Resistance At The Highs

3/15/2013 7:01 AM ET

Flotek Industries Inc. (FTK) announced Thursday morning that it executed a Letter of Intent with an affiliate of Gulf Energy LLC to construct an advanced oilfield chemistry production facility and create a state-of-the-art research and development organization.

The company also announced that its Board of Directors has elected H. Richard Walton as Executive Vice President and Chief Financial Officer.

Flotek Industries traded to the upside during the first half of the morning Thursday and finished with a gain of 1.22 at $15.63, with volume at over a 7-month high. The stock broke out of a month and a half long range and set a new high for the year.